National Republican., 1887-10-25
Tho Rnat plan Vet offered.

The Beat Plan Yet Ohered' o
EDITOR NATIONAL REPUBLICAN,: At your
request have made csreful examination
Of your plan for paying the public debt OF
Virginia. While have not had time to
verify its mathematical calculations, and
would not desire TO commit myself to any
particular amount Of Indebtedness without
further study, will say that 10 its general
features II is the best plan yet offered. 1t
is worthy the brain that conceived the
mount Vernon avenue" aud II 1t can be
carried into practical effect, II will entito
the editor Of the NATIONAL REPUBLICAN, to
more credit than all the politicians Of Vir-
giuia since the war.
IL is well known that was strongly OPP
posed to the funding billn Of III, aud the
"McCulough bill' Of 10 The "Rddle
berger bill" of 1889 was wonderful In.
vention, but had serious defects, to which
called attention at the time. To state the
objections to these acts would require
volume. They were temporary make
shifts contrived to tide the then existing
state administrations over a political SAND
bar The great objection to these
adjustments Of the ante-war was
square approval OF vote OF the
people OF Virginia. After eighteen years
study on the general subject OF public obli
cations, and on the specific topic OF the
Virginia state debt, / am convinced that
no legislature or Congress has the right to
bind absolutely any subsequent legislature
or Congress. A legislature may create
motives for the action or non action OF
q subsequent legislature, which under any
ordinary circumstances would amount to
an obligation, but history and reason alike
demonstrate that extraordinary exigencles
arise that Justify state In assuming her
sovereign right Of control over her own
revenues. Such an exlsency, In my opin-
ion, Virginia had reached In 1865, and such
exigency still remains In theory, there
fore, you will see that / am an extreme
Readiuster.
Nevertheless, admit that no state can
afford to 60 counter to the public senti
ment Of mankind. The principles OF eter.
nal iustice-the voice OF God speaking
through the conscience of the world-re.
quire Virginia to be just to others, as well
as to herself.
The commemorative first obligation Is to
give her people good government, includ.
ing equal protection TO all her citizens and
a common school education to every child.
After this first lien we may admit that her
ante war creditors hold second mortgage
on Virginia's resources.
II is fortunate that the time is at hand
when the people Of Virginia, sitting Ia their
sovereign capacity as the maker Of funda-
mental law, can settle s;el the whole question.
During the year 1888 the people are, under
the constitution Of the state, to determine
whether they will call constitutional con-
vention. This right Is theirs every twenty
years. And II is to be hoped that the peo-
Pile will exercise this right and, throwing
partisanry aside, choose a convention that
will place plan similar to that proposed
by the NATIONAL REPUBLICAN, In the con.
stitution of the state. Such settlement,
| form, would stand the test Of the United
States Supreme Court, and would bind the
| commonwealth at least for twenty years to
come. Should the plan work as is demon
strated by the mathematician of the Ma
TIoNAL REPUBLICAN the people will be glad
| to continue 1t In 1908.
Shortly after the enactment OF the original
'fundiDg bill' stated on the floor OF the
house OF delegates my own prophesy, that
the debt question would never be perma-
nently adjusted until settlement had been
| approved by formal vote Of the people
ard as q member of the committee on con-
stitutional amendments l proposed q plar
to be embodied In the constitution by an
amendment submitted to the popular vote.
have satisfactory reasons In my own mind
for believing that the coupon decisions oi
the Supreme Court Of the United States
would not antagoniZe such settlement on
constitutional basis. Nor do l believe
any settlement that was not fundamentally
right toward both the people and the bond
holders would be able to secure the ap
proval Of a convention and of the people.
The Virginia debt question, as 1t now
stands before the highest tribunal OF oui
land, constitutes the most important cas-
ever submitted to judicial arbitrament. Its
decision must materially affect our form o
government for all time to come, and hence
the interests of every American citizen fo
the present and future. II any one doubt
1t let him study the questions involved.
But, however this may be, 1t is apparen
to all, be they Readjusters or Funders, Re
publieans or Democrats, that the debt ques
ton must be settled so 1t will stay settled
before Virginia can enter on that era o
prosperity for which we have all beer
watching and waiting. For the compre
hensiye and statesmanlike plan looking
toward this great end the NATIONAL RE
PUBLICAN deserves and is receiving tn
plaudits Of men of all shades of politica
opinion. Respectfully, &c,
GEO. G. ROUNDS.
MANASSAS, VA, Oct. 22, 1887.